Survey: Working Americans not saving enough. Here's how to get started.

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March 27, 2019

Most financial experts recommend putting at least 15 percent of your income into savings. Few people do that.

According to a new survey from Bankrate.com, 21 percent of working Americans don't save anything. Another 48 percent save some, but no more than 10 percent of their income.

"Millennials and Generation X in particular, they are most likely to either not be saving at all, or if they are saving, they're just saving a token amount," said Greg McBride, Bankrate's chief financial analyst. "Baby Boomers, by contrast, have a much higher propensity to both be saving and be saving more than 10 percent of income."

McBride says the most effective way to save more is to do it automatically through payroll deductions.

"Set up the direct deposit from your paycheck into a dedicated savings account. Use the payroll deduction to fund your 401(k). Make it happen before you think about it," he said.